Bank for International Settlements to set up innovation hub centre in Singapore

THE Bank for International Settlements will establish an innovation hub centre in Singapore, along with one each in Basel, Switzerland and Hong Kong.

In an announcement on Sunday on the setting up of the Innovation Hub, the BIS said the role of the hub will be to identify and develop in-depth insights into critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve as a focal point for a network of central bank experts on innovation.

Chairman of the BIS board of directors, Jens Weidmann, said:"The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously.

The BIS is an international organisation that serves central banks and other financial authorities to build a greater collective understanding of the world economy, foster international cooperation among them and support them in the pursuit of global monetary and financial stability.In first phase of the initiative to foster collaboration within the central banking community on fintech issues, the hub centres will be set up in Basel and Hong Kong, making use of existing BIS facilities there.

Ravi Menon, managing director of MAS, said:"A wave of technological innovations is sweeping across financial services. To fully harness the benefits of these innovations while ensuring the resilience of the financial sector, central banks must also innovate – to modernise the technology infrastructure and regulatory arrangements that underpin digital finance and the digital economy.

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